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Lucky for me my parents were both "I didn't save anything for retirement, my kids will take care of me when I'm older", so I don't have to suffer through this.
This is fucking dumb. I told my parents to spend it up. I'm not entitled to it
Yeah I find it a little funny that people complain about generational wealth and then complain about not getting an inheritance.
My mom just wanted to make enough to spend it over her lifetime, and that seems fair to me. She got nothing from her parents and had to support her own mom in her old age, and didn't want to cost us anything.
I would argue that inheritance is a huge driver of inequality. I have gotten small amounts from the estate of my dad's parents (my dad died when I was 16) and a childless relative and even those amounts jumped us ahead some, I can imagine what some huge amount unearned would do - but it's just that. Unearned.
Yo, all I asked for was for them to keep me alive long enough so that I can too become a productive member in society. They owe me nothing.
I’m all for the average retiree spending freely and enjoying what they earned. They spent a lifetime working; it’s their money. Inheritance issues create way too many family disputes.
What's infuriating about this? Why the heck should I inherit something I haven't worked for? I've always told my parents and grandparents that dying with an empty bank balance is the ideal way to go. Hell, preferably be in debt.
It comes from a time where your whole family lived in the same house and the kids eventually take care of their parents. In todays system where people usually dont live with their parents for very long, it doesnt really make sense anymore. People need money long before they get to the age where their parents die. Getting a bunch of money at 30, to establish a life/family, is much more useful and long term impactful than getting it at 50-60. So inheritance is a flawed idea from the start.
Inheritance is a stepping stone to get out of poverty over generations. If the next generation can build upon it.
not eveyone get inheritances. what we need is social safety nets and to collect taxes on wealth.
I never really considered an inheritance an option. Seems so off-worldly to me, even though I am by no means from a poor family, just lower middle class.
I think the entire concept of inheritance is something more prominent in developing countries like US or India, where there isn’t a well-established safety nets already in place by the government itself.
Of course we have inheritances too, I know a few who got something, but most of it gets taxed away upon receiving or vanishes covering the deceased’s debts, so I’ve never heard anyone I know get anything other than maybe a weekend vacation in the city next over or maybe a small chunk of student debt away.
Then again I’m not very well-off, and I do know there are the upper class families that have a long standing generational wealth passing over to the new generations. I guess it really depends on the circles one’s in.
But I still think it’s not as common here, at least I’ve never considered it to be normal, and I’ve known well people from upper middle class too.
No one should expect to inherit anything when their loved ones die.
The worst people are those that are too lazy to build something on their own, but sit around praying for their parents death so they can inherited and live an easy life.
My aunt talked her mom out of kitchen remodel because it's going to cost so much (that she'll get smaller ineritance then) while my grandmom, who already spends most of her time alone at home then can't even spend her savings to make her surroundings a bit nicer.
Lewis Carroll has an interesting piece about that. Brings up the point that if someone works hard to benefit the community, and their wealth represents the response of the community to repay that person's work, perhaps it's not unreasonable that that person's request is, "repay it to my children," i.e. inheritance.
What doesn't get spent on enjoying a retirement we will never get, will be claimed by medical bills from failing health. Generational wealth doesn't apply to us, and no one is coming to save you.
Damn, I wish my parents had an inheritance to waste.
That and my parents will likely be alive longer than me anyway.
So the real question is, what should Millenials & Gen-Z do now
Change the entire system top to bottom to make sure everyone can thrive
Lol my dad left me everything he had when he died. So, I got a truck.
When my mom goes, my sister and I might get to split a house we don't want that's on its third or fourth refinancing.
I guess if your parents don't have an inheritance to give you just never consider not getting one to be a problem.
Suckers I inherited a cane from one side and a watercolor of a dog from the other. Behold my wealth and cry into your lentils. My lentils are salty enough.